No matter what ‘home’ means to you, there is surely something nostalgic about the place we call home.
It’s the place where we eat, the place we share with friends and family, and it’s the place we make our own.We understand that when you purchase your home it is one of the most significant purchases you’ll ever make in your lifetime. Such an investment requires protection from some of the most common natural perils like wind, water damage and fire, as well as theft and other accidents that can destroy or damage your home.
The amount of coverage you need will be determined by factors such as the value of your home and contents, the location and age of the home, and the risk you pose to the insurer. Home insurance policies typically offer four types of coverage, including dwelling,personal property, and personal liability and additional living expenses.
Dwelling – the actual living structure and anything that is attached to it such as porches and garages. The amount of coverage is initially determined by an evaluation product. It is important to note that the dwelling value is the cost to rebuild a home in the event of a total loss. The insurance value is different from the real estate market value or the tax assessment value. Information that assists with determining a home’s value:
Detached private Structures – detached private structures include structures like sheds, garages, decks, fences etc. This amount of coverage is determined as a percentage of the dwelling value.
Personal Property – this is insurance for your “stuff”. Anything you use in or around your home and detached structures. Everything from your toothbrush to your Christmas decorations. This is a limit that is determined by the value of your dwelling and is generally 70% of the dwelling value. It is important to note that:
Additional Living Expenses – this covers reasonable expenses like food, hotel and other costs you would be forced to pay over and above the usual cost of living in your own home when you are prohibited from returning home or your home is unlivable as a result of insured damage. Some examples of additional living expenses are:
Legal Liability – In simple terms, liability insurance covers legal matters in relation to your property. Liability coverage comes into play when yourself or a family member has been found partially or wholly responsible for third party property or personal injury damages due to an accident in relation to your property. Incidents could include a guest slipping on an icy driveway, tripping over a loose carpet or even a bite from your dog. The standard liability limit is $1,000,000 however, you can opt for a higher limit. If a claim heads to court, your insurance company will often pay for the lawyer defending you in court, along with fronting the cost of any fines the court assigns (up to the limits of your policy, of course). One thing that property-related personal liability does not cover is anything to do with a vehicle. It is important to ensure that your policy has enough coverage to protect all of your assets. If you have significant assets like a farm or business you may want to purchase an umbrella liability policy. If you have questions about umbrella liability please contact your broker.
Besides being a mortgage requirement, having property insurance to protect the value of your home, possessions, and other properties will help you sleep better at night – come fire, water or wind. While a standard homeowners policy helps protect your house, it typically helps cover more than just the physical structure of your home including the following:
Orr Insurance offers a fully personalized protection package from leading insurance providers. Your broker will work with you to pick & choose coverage that is right for you.
Our goal is to find you the best protection at the most affordable price to save you time and money. Your broker is able to tell if you’re eligible for various discounts including:
Other ways to reduce the cost of your home insurance:
Proudly serving southwestern Ontario, we are local, personal and available – family owned and operated, we live in the communities we serve so we care about our clients. Our job is to find you the best competitive combination of price, value and service from over 60 Canadian insurance and investment companies.
Your Orr Insurance Broker can help you determine the appropriate life insurance for you and/or your family, provide tips on how to prepare for retirement, and shop the market for the policy options and premiums that work best for you.
Or you can use the email form and one of our representatives will reply as soon as possible.